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Inflation picks up the pace in China

Oct. 14, 2013 at 10:28 AM   |   Comments

BEIJING, Oct. 14 (UPI) -- Consumer prices in China rose at a faster pace in September compared to August, partly the result of a typhoon that ripped through an agricultural region.

The annual inflation rate of 3.1 percent for September is one tick above the central bank's guideline rate for bank deposits, The Wall Street Journal reported Monday.

Consumer inflation is significantly higher than the 2.6 percent rate in August, party due to rising food prices that were the result of typhoon Usagi that hit southern China in September.

Food price inflation for September reached 6.1 percent at an annual rate. Inflation was over 18 percent for fresh vegetables, the National Bureau of Statistics reported.

JPMorgan Chase economist Zhu Haibin said the new rate was "psychologically ... sensitive." However, "I don't think it will trigger any changes in monetary policy," Zhu said.

Economic growth has been relatively weak for China with the gross domestic product rising 7.7 percent in the first quarter and 7.5 percent in the second quarter.

Deputy central bank governor, Yi Gang said last week the economy was likely to expand faster than the 7.5 percent rate the government has set as a target for 2013.

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